To double presence with opening of nine more properties offering over 1,900 units across Metro Manila, Cebu and Iloilo

(TRAVPR.COM)SINGAPORE - July 11th, 2017 - Singapore, 11 July 2017 – CapitaLand’s wholly owned serviced residence business unit, The Ascott Limited (Ascott), continues to expand its presence in the Philippines with the opening of its seventh property in the country – the 293-unit Citadines Millennium Ortigas Manila – and its first in Ortigas Center, a key central business district in Metro Manila. Ascott, the largest international serviced residence company in the Philippines, plans to open another nine serviced residences across Metro Manila, Cebu and Iloilo from 2018 to 2023.

Mr Arthur Gindap, Ascott's Regional General Manager for the Philippines and Thailand, said: “The opening of Citadines Millennium Ortigas Manila marks Ascott’s first foray into Ortigas Center, the Philippines’ second most important financial district after Makati where we have an established presence with four operating properties. Our first Citadines in the Philippines, Citadines Salcedo Makati, is performing well with an occupancy rate of 80%. Bringing Citadines to the heart of Ortigas Center expands our reach to a ready catchment of expatriates and business travellers. Guests at Citadines Millennium Ortigas Manila can enjoy the bustling area with a wide variety of shopping, dining and entertainment options nearby, as well as the flexibility to personalise their stay with the services they require.”

Citadines Millennium Ortigas Manila is strategically located in the heart of Ortigas Center, that is home to government buildings, and top local and multinational corporations including the Asian Development Bank, Jollibee Food Corporation, Meralco, San Miguel Corporation and the World Bank. Vast recreational and dining options are available in nearby shopping malls such as Robinsons Galleria, SM Megamall and The Podium, as well as entertainment hubs in Makati City, Greenhills in San Juan and Quezon City. Educational institutions such as Saint Pedro Poveda College and La Salle Green Hills, and an internationally accredited medical facility, The Medical City, are also within the vicinity of the property.

Mr Gindap added: “We continue to see strong potential for growth in the Philippines, which is forecasted by the World Bank to grow close to 7% annually over the next three years, making it one of the top performing economies in East Asia. Ascott has an established 17-year track record in the Philippines having grown our portfolio to 16 serviced residences with over 3,400 units, comprising three award-winning brands. This includes nine properties with more than 1,900 units that we plan to open in the next six years.”

Citadines Millennium Ortigas Manila is a 10-minute walk to the Ortigas MRT Station, and about a 50 minute-drive to Ninoy Aquino International Airport. The serviced residence offers 293 contemporary units ranging from studio to one-, two- and three-bedroom apartments. Facilities such as a residents’ lounge overlooking the city, swimming pool, fitness centre, restaurants, function rooms, and garden deck are available.

To mark the opening of the property, Citadines Millennium Ortigas Manila is offering attractive daily opening rates starting from PHP 4,000++ from now till September 2017.

The Ascott Limited is a Singapore company that has grown to be one of the leading international serviced residence owner-operators. It has over 40,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Middle East, as well as over 27,000 units which are under development, making a total of more than 67,000 units in over 500 properties. The company’s brands include Ascott, Citadines, Somerset, Quest, The Crest Collection, and lyf. Ascott’s portfolio spans more than 120 cities across over 30 countries.

Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning serviced residence brands that enjoy recognition worldwide.

CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as at 31 March 2017, comprising integrated developments, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds. Present across more than 140 cities in about 30 countries, the Group focuses on Singapore and China as core markets, while it continues to expand in markets such as Vietnam and Indonesia.

CapitaLand’s competitive advantage is its significant asset base and extensive market network. Coupled with extensive design, development and operational capabilities, the Group develops and manages high-quality real estate products and services. It also has one of the largest investment management businesses in Asia and a stable of five REITs listed in Singapore and Malaysia – CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust.

Visit www.capitaland.com for more information.

Issued by: The Ascott LimitedWebsite: www.the-ascott.com

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